Western union exchange rates
Planning to send some money abroad or need to compare exchange rates? Which one is best between using your local banks or Western Union Money Transfer (and similar services like Tranzfer, Travelex, etc)? If so, worry no more because you will get an insight into how each compare to each other and which is best depending on your location and that of the receiver. Before going into that, bear in mind that sending money overseas is not as difficult as you may have been made to believe before now.
So, what are the requirements involved with sending money overseas using Banks? Well, first, you need to have an account with the bank. However, some banks may be able to send the money without you having an account but you may have to search thoroughly for such. If you want to be sure, you could give your bank a call or visit them to see what their requirements for sending money abroad are so you can compare exchange rates with other services.
Assuming you know the amount you want to send, you will need to fill some forms with all your details and that of the receiver. Once complete, the bank will tell you how much you are to pay for commission. This is usually a small percentage of the amount of money you are sending. When you are done and happy with everything, the bank will take it from there. They usually require 3 to 5 working days or more to process the whole thing before it reaches the other end.
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